Vinasun Struggles to Stay Profitable in Vietnam’s Changing Taxi Industry

Vinasun, a Vietnam-based taxi company, reported a profit of over 22 billion VND in the first quarter of this year. While this is still a significant amount, it represents a 58.5% decrease from the same period last year and is the lowest level in nearly two years. The decline in profit is attributed to the implementation of support policies for drivers.

Recent financial reports show that Vinasun had revenue of more than 278.6 billion VND in the first quarter, a decrease of nearly 15% compared to the same period last year. Passenger transport services by taxi were the most affected, with revenue decreasing by 13%. Despite these challenges, the company remains focused on attracting skilled workers and improving customer service.

Vinasun plans to invest in new gasoline-electric hybrid vehicles, with a goal of purchasing about 700 new cars this year, primarily focusing on Toyota’s high-end hybrid models. However, despite these innovative strategies and investment plans, Vinasun anticipates a challenging year ahead as they strive to navigate through the current landscape of the transportation industry. They face various challenges in the tourism and passenger transport industry, as well as constraints from driver support policies and increased competition.